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What is Metronome?

Metronome is a new cryptocurrency that is designed to increase decentralization within the market, while also attempting to optimize self-governance, reliability, and increase portability. It has learned lessons from other cryptocurrencies such as Bitcoin and Ethereum and is made to be used for beyond the next 100 years.

The idea is to launch the currency to the public and provide everyone with an equal opportunity to access it. The founders will retain zero privileges after the currency is launched and a reliable token supply will remain.

According to the timeline provided on the Metronome website, the idea came about at the beginning of March 2017. By May they had established a partnership with New Alchemy, and in August they began to develop smart contracts. The website and owner manual were published in October, and their token sale is scheduled for February. Sometime during the first quarter of 2018 is when they expect a cross-chain launch on ETC.

How Does Metronome Work?

The owner’s manual for Metronome explains that the first phase of their plan is to create an initial token supply of 10,000,000, with 20% of that amount being retained by the founders. The remaining 8,000,000 tokens will be put up for auction, with the price descending every 60 seconds. The auction will go until all the tokens are purchased or 24 hours has passed.

The second phase of the plan explains that every 24 hours there are 2,880 new tokens added to the daily supply. Every 24 hours there is a new auction that is initiated. Users will be able to purchase MTN through the daily auctions and then have the option of putting it into their MTN ledger and transferring it for goods and services, or putting it in their ETH savings which can later be transferred into an ETH/MTN changer if the investor chooses.

Features and Benefits of Metronome

The features of Metronome are mostly tied to its core principals. For example, the idea of self-governance allows users to experience no founder influence following the launch, allows public access to every sale opportunity, and is resistant to community influence disagreement or misinterpretation.

The reliability of the platform allows for a steady and predictable token supply and issuance as 2,880 new MTN are created every day. The cross-blockchain ability to export and import from differing smart contracts or blockchains will increase portability.

Additionally, the platform offers quicker settlement times, usually within 15 to 30 seconds, as well as a mass pay option meaning multiple payments can be sent at once. The platform is also compliant with ERC20 and ERC827, which is rare to find, and the subscription option offers recurring payments between users.

The Metronome Token Sale

An unusually limited amount of information is provided regarding the token sale. The token sale for Metronome is scheduled to kick off on February 25th, 2018, but no end date has yet to be identified. It is stated that the initial auction will last seven days, then will continue until all the tokens are sold. The tokens will be referred to as MTN and will be distributed as ERC20.

There is no specific fundraising goal that is identified by the platform Apparently MTN will be priced as 2 ETH or about $2,000. The price will decrease fraction every minute, while 2,880 new MTN will be created every day. There is no bonus offered and it does not a appear that any sort of minimum or maximum contributions have been set.

In total, 10 million tokens are being created and a full 80% are being made available for the sale. The authors of Metronome will receive a one-time 20% token reward which is equivalent to $2 million. All the proceeds that are generated by the token sale will be dedicated to providing long term support to the community.

Who’s Behind Metronome?

There are two co-founders of Metronome listed on the platform website. The first is Jeff Garzik who also serves as the CEO and chief designer. He is the co-founder of Bloq and was educated as the Georgia Institue of Technology in computer science. His fellow co-founder is Matthew Roszak, who also serves as chairman. Roszak is a co-founder at Bloq and has worked as a founding partner or chairman at a variety of other companies. Metronome is run by BloqLabs, which is why it has so many overlapping employees.

Peter Vessenes is the chief cryptographer and he is the former CEO of CoinLab as well as the co-founder and chairman emeritus of the Bitcoin Foundation. Ryan Condron is a principal engineer for the platform, as is Troy Benjegerdes. In total there are 15 different positions that are identified, though there isn’t much additional information about the people that is offered such as their LinkedIn profiles.

On the advisory board there are six individuals from diverse backgrounds. This includes Gustav Simonsson who is the co-founder of Orchid Labs. Jim Newsome who works for Delta Strategy and is the former chairman of CFTC. Additionally, there is Don Tapscott who works for the Blockchain Research Institute.

Conclusion

Metronome is essentially a reverse auction that is intended to prevent people from hoarding the cryptocurrency. It has some appeal in that there is a definite place in the market for cross-blockchain solutions, and Metronome is attempting to address that need. Also, because the proposed settlement time for Metronome is around 15 seconds, it has a distinct advantage over some of the other leading cryptocurrencies on the market now, such as Bitcoin and Litecoin, both of which can take minutes to settle transactions.

Another advantage Metronome holds is that there is not a lot of competition for this sort of blockchain solution at the moment. Also, the fact that the founders of the platform are so confident that they are relinquishing control after the first round of the token sale is a sign that they truly believe in the viability of the ICO. The team in general is very experienced and seems well-equipped to run the platform.

There is some cause to be wary of the platform in our eyes, however. The model is so unique that it seems like more detail regarding their pricing and expected inflation should have been provided. The model is somewhat based on inflation, with new tokens being created every day, which makes it hard to judge or predict the worth of the platform after the ICO.

It seems like there are some definite risks involved with Metronome, but the idea is unique enough that we suggest prospective investors monitor it at least until more technical and monetary detail is released.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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